Trading conditions update

This trading conditions update is produced in order to provide disclosure to investors and potential investors of current trading conditions, and to ensure that they all receive equal access to the same information, at the same time

Data to Wednesday 6 Dec 2017

The marker prices and marker margins below do not represent the actual prices or margins realised by BP during the given periods.This data is normally updated every Friday at 3.30pm UK time (or nearest UK working day in the event of public holiday).
Quarter to date data are updated to the date shown at the top of this page.

Marker Prices

Marker Prices

4Q 2016

4Q 2016

1Q 2017

1Q 2017

2Q 2017

2Q 2017

3Q 2017

3Q 2017

4Q 2017 to date

4Q 2017 to date

Marker Prices

Brent Dated ($/bbl)

4Q 2016

49.33

1Q 2017

53.69

2Q 2017

49.64

3Q 2017

52.08

4Q 2017 to date

60.27

Marker Prices

WTI Cushing ($/bbl)

4Q 2016

49.23

1Q 2017

51.70

2Q 2017

48.11

3Q 2017

48.18

4Q 2017 to date

54.23

Marker Prices

WCS Hardisty ($/bbl)

4Q 2016

35.44

1Q 2017

38.77

2Q 2017

38.55

3Q 2017

38.16

4Q 2017 to date

40.75

Marker Prices

ANS USWC ($/bbl)

4Q 2016

50.06

1Q 2017

53.82

2Q 2017

50.61

3Q 2017

52.04

4Q 2017 to date

60.41

Marker Prices

Mars ($/bbl)

4Q 2016

46.23

1Q 2017

49.59

2Q 2017

46.92

3Q 2017

48.46

4Q 2017 to date

56.84

Marker Prices

Urals (NWE - cif) ($/bbl)

4Q 2016

47.73

1Q 2017

51.88

2Q 2017

48.48

3Q 2017

50.73

4Q 2017 to date

59.05

Marker Prices

US gas Henry Hub first of month index ($/mmbtu)

4Q 2016

2.98

1Q 2017

3.32

2Q 2017

3.19

3Q 2017

2.99

4Q 2017 to date

2.93

Marker Prices

UK gas price - National Balance Point (p/therm)

4Q 2016

45.76

1Q 2017

48.19

2Q 2017

37.83

3Q 2017

41.59

4Q 2017 to date

49.86

Source: Platts

Light / heavy crude spreads

Light / heavy crude spreads

4Q 2016

4Q 2016

1Q 2017

1Q 2017

2Q 2017

2Q 2017

3Q 2017

3Q 2017

4Q 2017 to date

4Q 2017 to date

Light / heavy crude spreads

Brent vs. Urals (NWE - cif) ($/bbl)

4Q 2016

1.59

1Q 2017

1.81

2Q 2017

1.16

3Q 2017

1.35

4Q 2017 to date

1.22

Light / heavy crude spreads

WTI CMA* vs. WCS, lagged 1 month ($/bbl)

4Q 2016

14.51

1Q 2017

14.65

2Q 2017

11.01

3Q 2017

10.08

4Q 2017 to date

12.86

Light / heavy crude spreads

WTI vs. Mars ($/bbl)

4Q 2016

3.00

1Q 2017

2.11

2Q 2017

1.19

3Q 2017

-0.28

4Q 2017 to date

-2.61

Refining Marker Margins ($/bbl) - RMM

Refining Marker Margins ($/bbl) - RMM

4Q 2016

4Q 2016

1Q 2017

1Q 2017

2Q 2017

2Q 2017

3Q 2017

3Q 2017

4Q 2017 to date

4Q 2017 to date

Refining Marker Margins ($/bbl) - RMM

US North West

4Q 2016

14.0

1Q 2017

15.9

2Q 2017

20.5

3Q 2017

23.1

4Q 2017 to date

17.2

Refining Marker Margins ($/bbl) - RMM

US Midwest

4Q 2016

11.1

1Q 2017

11.7

2Q 2017

14.8

3Q 2017

19.8

4Q 2017 to date

22.1

Refining Marker Margins ($/bbl) - RMM

Northwest Europe

4Q 2016

10.6

1Q 2017

10.4

2Q 2017

11.9

3Q 2017

13.5

4Q 2017 to date

11.5

Refining Marker Margins ($/bbl) - RMM

Mediterranean

4Q 2016

9.4

1Q 2017

9.7

2Q 2017

10.4

3Q 2017

12.0

4Q 2017 to date

10.0

Refining Marker Margins ($/bbl) - RMM

Australia

4Q 2016

12.5

1Q 2017

12.9

2Q 2017

12.9

3Q 2017

13.7

4Q 2017 to date

12.5

Refining Marker Margins ($/bbl) - RMM

Global Refining Marker Margin*

4Q 2016

11.4

1Q 2017

11.7

2Q 2017

13.8

3Q 2017

16.3

4Q 2017 to date

15.1

The refining margins shown above are compiled using data from third party databases, and as such may be subject to possible errors.
* The Refining Marker Margin (RMM) is a generic indicator. Actual margins realised by BP may vary significantly due to a variety of factors, including specific refinery configurations, crude slate and operating practices. For example being based on a single regional marker crude, the RMM does not include the impact of the differential between Canadian Heavy crude and WTI.

Important note - Rule of thumb

The rules of thumb were provided in March 2017, based on the then prevailing range of oil prices. They are intended to give directional indicators of the impact of changes in the trading environment on BP's 2017 full-year pre-tax results.
These rules of thumb are approximate and based upon BP’s current portfolio. Please note that the relationship between oil prices and results is not necessarily linear across a wide range of oil prices. A natural gas Rule of Thumb is not currently provided, reflecting the diverse contractual composition of our global gas portfolio. Changes in margins, differentials, seasonal demand patterns, operational issues, and other factors including timing of acquisition and divestment activity, can also materially impact the results. Significant differences between the estimates implied by the application of the rules of thumb and the actual results themselves may also arise due to complex mechanisms for calculating government shares of Upstream revenues in some jurisdictions, depending on price levels, as well as in the Downstream from variations between the Refining Marker Margin (RMM) and BP's realised refining margins due to crude price levels and differentials, product price movements and other factors. The RMM rule of thumb reflects the sensitivity of the group to changes in refining margins. Many other factors will affect BP's earnings quarter-by-quarter. In the US, the industry impact of increased cost for Conventional Ethanol RINs (Renewable Identification Number) will result in lower actual margin capture than the RMM Rule of Thumb would suggest. Actual results in individual quarters may therefore differ significantly from the estimates implied by the application of these rules of thumb.